How to increase the income of a Small Bank with Acquiring Services?
BPC Processing offers to increase the banks income and create additional opportunities for additional products sales with the help of acquiring service. Acquiring gives the bank a number of advantages:
- Fee Income: Banks receive fees from merchants for processing bank card payments. It can be a fixed amount or a percentage of the payment amount. The more customers use cards to pay for purchases, the more revenue the bank receives.
- Customer retention: Providing a high-quality acquiring services helps the bank to retain its customers. If a business needs an acquiring service, they may prefer to receive it from their bank, which they already know. This contributes customer retention and increases loyalty to the bank.
- Cross-sales and services: Acquiring is another way for a bank to offer additional products and services to its customers. For example, a bank may provide point-of-sale (POS) terminals or online payment systems that allow customers to accept payments from their clients. As a result, the bank can sell additional services, such as cash services, financial advisory services, etc.
- Data and Analytics: Acquiring also gives the bank access to data and analytics. The bank can analyze data on payments, consumer behavior, and customer preferences to more accurately predict their needs. This can help the bank offer personalized products and services, as well as optimize its marketing strategies.
- Developing relationships with merchants: Providing acquiring services allows the bank to establish and develop relationships with merchants. A deeper partnership with sellers can lead to additional collaboration opportunities and additional revenue.
When making a decision on the provision of acquiring services, it is necessary to take into account the risks and features of this business, including those related to competition, technology and regulatory requirements.